Given the following information, what is the cost of goods sold? Purchases Inventory, September 1 Administrative expense Rent revenue Selling expense Inventory, September 30 Sales Interest expense a. $29,893 b. $33,205 Oc. $16,982 Od. $1,128 $30,807 5,504 961 1,071 $971 3,106 51,148 1,128
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- Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventoryCalculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44Merchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,000
- Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $Compute cost of goods sold using the following information. Merchandise inventory, beginning Cost of merchandise purchased Merchandise inventory, ending $12,200 45.200 18,200 Cost of Goods Sold is Computed an Cost of goods sold $ Heip have t Subit1) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account? 1. Inventory. 620 Cost of goods sold. 620 Sales revenue. 960 Accounts receivable. 960 2. Accounts receivable. 960 Sales revenue. 960 Cost of goods sold. 620 Inventory. 620 3. Inventory. 620 Gain. 340 Sales revenue. 960 4. Accounts Receivable. 960 Sales revenue. 620 Gain. 340
- 4. Assume that VFA Co. uses periodic inventory system and has the following balances: Inventory, Jan. 1 Purchases Purchases returns and allowances Purchase discounts Freight in How much is the cost of goods available for sale? A. P1,131,000 B. P1,139,000 750,000 400,000 11,000 2% of purchases 16,000 C. P1,147,000 D. P1,200,000Which of the following is the correct journal entry for a return of goods that were purchased on account under the periodic inventory system? .... XX O A. Merchandise Inventory Accounts Payable XX O B. Accounts Payable XX Purchase Returns and Allowances XX O C. Purchase Returns and Allowances XX XX Accounts Payable O D. Accounts Payable XX XX Merchandise InventoryActivity 11-5. VAT ( Compute for tne VAT and write the appropriate accounting entry: 1. Invoice Price, gross of VAT Entry: (If Sale) P 11,200 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:
- 1. Record purchases GROSS OR NET - example using purchase of $800 of inventory, terms 2/10, n30 - both periodic and perpetual inventory systems. A. Pay vendor within the discount period B. Pay vendor after discount period expires C Record return of goods and associated reduction of A/P or cash refundConsider the following financial statement information: Item Beginning Year Ending Inventory € 9.780 € 11.380 € 4.108 € 4.938 € 7.636 € 7.927 Accounts Receivable Accounts Payable Credit Sales Cost of Goods Sold € 89.804 € 56.384 Calculate the operating and cash cycles. How do you interpret your answer?Sales revenue Purchases Net income as a percent of sales revenue Beginning inventory Expenses including income taxes Tax rate a. Required a. Prepare the company's single-step income statement. b. Prepare the journal entry at period-end to eliminate beginning inventory and to record ending inventory. Note: Do not use negative signs with your answers. Income Statement Sales revenue Cost of goods sold: Beginning inventory Plus: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross margin Expenses Income before taxes Income taxes Net income $ $ $440,000 $308,000 $ 15% $55,000 $99,000 25% 440,000 55,000 308,000 X 0 x 0 x 0 x x 0 x 0 x 0 x